Chapter 13 payment plan

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Chapter 13 payment plan

I am filling out my schedules for a Chapter13 and my income is less than my state’s median income guidelines. On the form Chapter 13 statement of current monthly income, it stated since my income is less than the state’s median income, I cannot do any calculations on that form to deduct my income. How do I calculate a payment plan for the court?

Asked on June 16, 2009 under Bankruptcy Law, Montana

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Without knowing all of the details, it sounds as if you do not make enough to enter into a viable repayment plan.  This means that you should consider filing under Chapter 7 instead of Chapter 13.  This will however involve the loss of assets that are not subject to exemption.

You should really consult with an attorney as to your situation here.  You may qualify for legal aid, or if there is a law school nearby to where you live, they have free/low cost clinics that handle matters such as this.

Best of luck.


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